The majority of this report was derived from the 2023 Devenir & HSA Council Demographic Survey. Survey responses primarily consisted of the top 20 providers in the Health Savings Account (HSA) market, with all data having been collected for the period ending on December 31st, 2023.
Key Findings
- Over 61 million covered by an HSA. Devenir estimates that as of December 31st, 2023, there were 37.4 million HSAs, covering over 61 million people.
- Millennials drive HSA growth. Health savings accounts continue to be embraced by younger consumers. About 30% of accounts at the end of 2023 were held by accountholders in their 30s.
- Older Americans amass significant HSA savings. Accountholders aged 55+ had accumulated over $52 billion in their accounts at the end of 2023 (a 20% increase from the previous year). The average balance for this age group reached $5,739.
- HSAs demonstrate broad adoption. 68% of health savings accountholders live in a zip code with a median household income of less than $100,000.
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